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Praemium UK doubles assets under administration

Praemium more than doubled its assets under administration in the UK during the final quarter last year.

The platform firm recorded £39m in AUA as at December 31 last year, up from £17.5m by the end of Q3 and £11.4m by Q2.

To date Praemium provides a discretionary platform service to Succession Advisory Services, Price Bailey, Sterling McCall and Fat Prophets.

Praemium group chief executive Arthur Naoumidis says the firm is well positioned to be a mainstream platform in the UK market.

In a statement released on the Australian stock exchange, he said Praemium UK is poised for “rapid growth”, and has “compelling competitive advantages” in terms of technology, regulation and products.

He adds: “Praemium has extensive interest in the UK market. Our two key offerings are well positioned within the UK regulatory environment – outlawing of commissions, treating customers fairly and customer agreed remuneration.”

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